NI export market now worth £8.6 billion
EXPORTS from Northern Ireland grew by over 9 per cent to £8.6 billion last year according to new figures released by HMRC.
In the year to December 2017 both exports and imports grew in the north, with the Republic market the major driver.
Exports from Northern Ireland totalled £8.6 billion, a rise of 9.3 per cent on the previous 12 months. The Republic accounted for almost a third of that figure (£2.7bn), a 14.7 jump on the 2016 total. Exports to America fell however by 15.7 per cent to £1.5 bn. The next largest export market, Canada, grew by 32.9 per cent to £0.5bn over the year.
Northern Ireland imports increased by 7.7 per cent in 2017 to £7.4 billion, with the Republic of Ireland market once again the main contributor. In all £2.1 bn worth of imports into the north came from across the border, a 5.7 per cent rise from 2016. Much like exports the American share of the market decreased, with imports down by 15.4 per cent from 2016 to £0.8 billion. The American market narrowly maintains second spot in terms of Northern Ireland imports, but China, the Netherlands and Germany have all closed the gap, with Dutch imports increasing by 17.6 per cent over the year to £0.7bn.
The value of UK exports grew overall by 13 per cent, while imports increased by 10 per cent, both above the Northern Ireland rate, which is the lowest out of all Uk regions in both categories.
All four UK countries saw an increase in exports and imports, while there was a jump in annual export value for all English regions. Scotland recorded the highest increase in exports of 19.2 per cent in 2017, recording a total value of £28.8 bn, while Welsh imports jumped by 17.5 per cent over the year to £17.6bn.